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Osservatorio Crowdfunding 1° Report Italiano Sul Crowdinvesting

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Osservatorio Crowdfunding 1° Report Italiano Sul Crowdinvesting Osservatorio CrowdFunding 1° Report italiano sul CrowdInvesting Giugno 2016 Indice pagina Introduzione 5 Executive summary 7 1. Il crowdinvesting: definizioni e contesto 9 Definizioni metodologiche 9 Lo sviluppo del crowdfunding e i modelli utilizzati 9 Il crowdfunding in Italia 12 La filiera industriale in Italia 13 Focus sul crowdinvesting 15 L’ equity crowdfunding nel mondo 16 Il lending crowdfunding nel mondo 19 L’ invoice trading nel mondo 22 2. L’equity crowdfunding 25 La normativa di riferimento in Italia 25 I portali autorizzati 26 Le campagne presentate 29 Le imprese protagoniste 35 Gli investitori 41 Le prospettive per il futuro 44 3. Il lending crowdfunding 47 Il quadro di riferimento in Italia 47 I portali attivi 47 I modelli di business 49 I soggetti finanziati 51 I prestatori 56 Le prospettive per il futuro 58 4. L’invoice trading 61 Il quadro normativo di riferimento in Italia 61 I portali operativi in Italia 62 Le imprese finanziate 64 Gli investitori 64 Le prospettive per il futuro 65 La School of Management 67 Il gruppo di lavoro e i sostenitori della ricerca 69 1° REPORT ITALIANO SUL CROWDINVESTING 1 Copyright © Politecnico di Milano – Dipartimento di Ingegneria Gestionale pagina FIGURE Figura 1.1 Numero di piattaforme di crowdfunding attive a livello mondiale a fine 10 2014. Fonte: Massolution Crowdfunding Industry Report 2015 Figura 1.2 Volume di raccolta delle piattaforme di crowdfunding attive a livello 11 mondiale, dal 2013 al 2015. Dati in $ miliardi. Fonte: Massolution Crowdfunding Industry Report 2015 Figura 1.3 Flusso di raccolta delle piattaforme di crowdfunding nelle diverse aree 11 geografiche mondiali, dal 2013 al 2015. Fonte: Massolution Crowdfunding Industry Report 2015 Figura 1.4 Le piattaforme di crowdfunding censite in Italia (ottobre 2015). Fonte 12 Università Cattolica del Sacro Cuore Figura 1.5 La filiera industriale del crowdfunding 13 Figura 1.6 Percentuale delle PMI nell’Unione Europea che hanno riscontrato 15 problemi dopo avere richiesto un finanziamento bancario. La linea rappresenta la percentuale delle PMI per le quali l’accesso al finanziamento è il problema più pressante. Fonte: EBA Report on SMEs and SME supporting factor, 2016 Figura 1.7 Volume di raccolta delle piattaforme di equity crowdfunding attive a livello 16 mondiale dal 2013 al 2015. Fonte: Massolution Crowdfunding Industry report 2015 Figura 1.8 Volume di raccolta delle piattaforme di lending crowdfunding attive a 19 livello mondiale dal 2013 al 2015. Fonte: Massolution Crowdfunding Industry report 2015 Figura 2.1 Numero di campagne presentate dai portali autorizzati di equity 28 crowdfunding in Italia, alla data del 15 giugno 2016 Figura 2.2 Flusso temporale delle campagne di equity crowdfunding sui portali 28 autorizzati da CONSOB Figura 2.3 Capitale raccolto fino al 15/6/2016 dai portali italiani di equity 29 crowdfunding autorizzati da CONSOB. Figura 2.4 Segmentazione del target di raccolta per le 48 campagne di equity 30 crowdfunding del campione Figura 2.5 Valore medio del target di raccolta per le 48 campagne di equity 30 crowdfunding del campione, suddivise per portale Figura 2.6 Segmentazione della quota del capitale offerta per le 48 campagne di equity 31 crowdfunding del campione Figura 2.7 Segmentazione del campione delle 48 campagne di equity crowdfunding in 32 funzione della tipologia di quote offerte Figura 2.8 Importo minimo di investimento ammesso nelle 48 campagne di equity 32 crowdfunding del campione Figura 2.9 Esito delle 48 campagne di equity crowdfunding pubblicate su portali 33 autorizzati da CONSOB, alla data del 15 giugno 2016 Figura 2.10 Segmentazione delle 36 campagne di equity crowdfunding concluse alla 34 data del 15 giugno 2016, per percentuale di raggiungimento del target iniziale Figura 2.11 Percentuale di successo delle offerte pubblicate e concluse sui portali 35 autorizzati di equity crowdfunding italiani, alla data del 15 giugno 2016 Figura 2.12 Localizzazione geografica delle 47 imprese protagoniste di una campagna 35 di equity crowdfunding su portali autorizzati da CONSOB 2 1° REPORT ITALIANO SUL CROWDINVESTING Copyright © Politecnico di Milano – Dipartimento di Ingegneria Gestionale pagina Figura 2.13 Aree di business delle 47 imprese protagoniste di una campagna di equity 36 crowdfunding su portali autorizzati da CONSOB Figura 2.14 Distribuzione del valore pre-money attribuito alle 47 imprese del campione 37 Figura 2.15 Obiettivi di investimento delle 47 imprese protagoniste di una campagna 38 di equity crowdfunding su portali autorizzati da CONSOB Figura 2.16 Distribuzione delle sottoscrizioni per singolo importo. Copertura 41 campione: 14 campagne di equity crowdfunding chiuse con successo Figura 2.17 Provenienza delle sottoscrizioni per sesso ed età degli investitori (persone 42 fisiche). Copertura campione: 14 campagne di equity crowdfunding chiuse con successo Figura 2.18 Investitori ‘singoli’ e ‘seriali’ fra le persone fisiche. Copertura campione: 14 42 campagne di equity crowdfunding chiuse con successo Figura 2.19 Residenza anagrafica degli investitori (persone fisiche). Copertura 43 campione: 14 campagne di equity crowdfunding chiuse con successo Figura 2.20 Residenza anagrafica degli investitori (persone fisiche) rispetto all’impresa 43 partecipata. Copertura campione: 14 campagne di equity crowdfunding chiuse con successo Figura 2.21 Segmentazione degli investitori (persone giuridiche). Copertura campione: 44 14 campagne di equity crowdfunding chiuse con successo Figura 2.22 I numeri dell’equity crowdfunding in Italia alla data del 15 giugno 2016 44 Figura 2.23 Correlazione fra percentuale di successo delle campagne e valutazione 45 dell’impresa (rapporto M/B). Campione: 48 campagne di equity crowdfunding Figura 3.1 Ammontare totale dei prestiti erogati dalle piattaforme di lending 49 crowdfunding italiane attive. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.2 Numero totale dei prestatori con offerta attiva e numero dei prestiti 50 veicolati dalle piattaforme italiane di lending crowdfunding. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.3 Durata media (in mesi) e TAN medio dei prestiti erogati dalle piattaforme 52 italiane di lending crowdfunding. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.4 Distinzione per sesso dei richiedenti finanziati dalle piattaforme di 52 consumer lending crowdfunding italiane. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.5 Segmentazione dei prestiti erogati dalle piattaforme di consumer lending 53 crowdfunding italiane per finalità dichiarata. Campione 3.188 prestiti; dati aggiornati a dicembre 2015 Figura 3.6 Distribuzione dell’età dei richiedenti finanziati dalle piattaforme di 54 consumer lending crowdfunding italiane. Campione 203 prestiti; dati aggiornati a dicembre 2015 Figura 3.7 Distribuzione della residenza geografica dei richiedenti finanziati dalle 54 piattaforme di consumer lending crowdfunding italiane. Campione 203 prestiti; dati aggiornati a dicembre 2015 Figura 3.8 Segmentazione dei prestiti erogati alle imprese per area di business. Fonte: 55 BorsadelCredito.it; dati aggiornati al 1 giugno 2016 Figura 3.9 Segmentazione dei prestiti erogati alle imprese per importo medio. Fonte: 56 BorsadelCredito.it dati aggiornati al 1 maggio 2016 1° REPORT ITALIANO SUL CROWDINVESTING 3 Copyright © Politecnico di Milano – Dipartimento di Ingegneria Gestionale pagina Figura 3.10 Distinzione per sesso dei prestatori delle piattaforme di lending 56 crowdfunding italiane. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.11 Età media dei prestatori delle piattaforme di lending crowdfunding italiane. 57 Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.12 Distinzione per residenza geografica dei prestatori delle piattaforme 57 di lending crowdfunding italiane. Fonte: siti web delle piattaforme; dati aggiornati al 1 giugno 2016 Figura 3.13 Segmentazione per importo investito dei prestatori delle piattaforme di 58 lending crowdfunding italiane. Campione: 264 investimenti Figura 3.14 I numeri del lending crowdfunding in Italia, alla data del 1 giugno 2016 59 Figura 4.1 Tempi medi di pagamento concordati (in blu) e reali (in rosso) per le 61 fatture B2B. Confronto fra Italia e altri partner UE. Fonte: European Payment Report 2015, Intrum Justitia Figura 4.2 Schema di funzionamento del portale InvoiceTrading.it. Fonte: 62 presentazione istituzionale Figura 4.3 Statistiche su investitori, finanziamenti e cessioni di fatture gestiti 64 attraverso la piattaforma di invoice trading Workinvoice.it TABELLE Tabella 1.1 Statistiche sui maggiori portali di equity crowdfunding nel Regno Unito. 16 Fonte: siti web delle piattaforme Tabella 1.2 Statistiche sui maggiori portali di equity crowdfunding negli USA. Fonte: 17 siti web delle piattaforme Tabella 1.3 Statistiche sui maggiori portali di equity crowdfunding nell’Europa 19 Continentale. Fonti: siti web delle piattaforme Tabella 1.4 Statistiche sui maggiori portali di lending crowdfunding negli USA. Fonte: 20 siti web delle piattaforme Tabella 1.5 Statistiche sui maggiori portali di lending crowdfunding nel Regno Unito 22 Tabella 1.6 Statistiche sui maggiori portali di lending crowdfunding nell’Europa 22 Continentale Tabella 2.1 I portali autorizzati da CONSOB a proporre campagne di equity 27 crowdfunding in Italia, alla data del 15/6/2016 Tabella 2.2 Statistiche sulle 48 offerte di equity crowdfunding
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